Tesla reportedly working with AMD to develop AI chip
Tesla (TSLA) is teaming up with AMD (AMD) to develop its own AI chip for self-driving cars, according to a report by CNBC. And Wall Street is already weighing in on the partnership. Jefferies analyst Mark Lipacis wrote it’s a “critical win” for AMD.
On the other hand, Nvidia (NVDA) shares are falling on the news, since a partnership with AMD would make Tesla less reliant on the company.
Albertsons buys Blue Apron rival Plated
Grocery chain Albertsons has reached a deal to buy meal-kit delivery company Plated. The acquisition sent shares of Plated rival Blue Apron (APRN) into the green. Bob Miller, chairman and CEO of Albertsons, said in a statement, “Today’s consumer is looking for a variety of personalized shopping alternatives, and this transaction is the latest example of Albertsons Cos. meeting our customers wherever and however they like to shop.”
Biogen gets downgraded by Raymond James
Raymond James cut its rating on Biogen (BIIB) to market perform from a strong buy on concern about challenges facing the biotech’s multiple sclerosis business. Biogen’s stock has jumped nearly 15% over the past six months.
Amazon plans to add jobs in New York
Amazon (AMZN) is expanding its presence in New York. The e-commerce giant is planning to create more than 2,000 jobs in New York City over the next three years and plans to open a new office in Manhattan in 2018. New York Governor Andrew Cuomo announced the jobs will be in finance, sales, marketing and information technology. He also added that Amazon’s decision “is proof positive that the strong economic climate of this state, and New York’s diverse workforce and talent are helping to attract top-notch companies from around the world.”